Total monthly cost of ownership
Cost to Own a Home in Lake LeAnn, Michigan
A $258,000 home here costs
$2,142per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $92,000 a year.
A standard mortgage calculator would have told you $1,407. The real number is $736 higher every month, 52% more than the payment most buyers budget for.
Compare Hillsdale County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lake LeAnn from a five-year rolling sample, and with about 1,522 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Hillsdale County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lake LeAnn against Hillsdale County and Michigan
| Measure | Lake LeAnn | Hillsdale County |
|---|---|---|
| Median home value | $258,400 | $170,500 |
| Median property tax | $2,575 | $1,644 |
| Effective tax rate | 0.997% | 0.964% |
| Median gross rent | — | $801 |
| Population | 1,522 | 45,658 |
The weather behind that power bill
Lake LeAnn sits in Hillsdale County, which averages a high of 82.5°F in its hottest month and a low of 15.1°F in its coldest, with 39.54" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 594 cooling and 6,797 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Hillsdale County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hillsdale County
Full Hillsdale County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Lake LeAnn averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Lake LeAnn every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake LeAnn I already own here and may sell
Common questions
How much does it cost to own a home in Lake LeAnn?
A $258,000 home in Lake LeAnn, Michigan costs approximately $2,142 per month with 20% down at 7.24%. That is $1,407 principal and interest, $214 property tax, $96 homeowners insurance, $210 utilities and $215 set aside for maintenance.
What is the property tax rate in Lake LeAnn?
Lake LeAnn has an effective property tax rate of 0.997%, based on a median home value of $258,400 and median real estate taxes of $2,575. That is higher than the Hillsdale County average of 0.964%.
What is the average home price in Lake LeAnn?
The median owner-occupied home value in Lake LeAnn, Michigan is $258,400, against $170,500 across Hillsdale County.
Is it cheaper to rent or buy in Lake LeAnn?
Rent data is not published for Lake LeAnn at this level of detail.
What salary do you need to buy a home in Lake LeAnn?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake LeAnn, Michigan at today's rate takes a household income of roughly $92,000 a year. That covers the full $2,142 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake LeAnn, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Michigan.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.